Description
The Levy at Martini Corner is a market rate multifamily development to be located at 500-506 E. 31st Street, Kansas City, MO. It involves the new construction of a single building, covering 100% of the site. The initial user of the property was the Levy Brothers Meat and Provision Company in 1925, hence the project name. A more recent occupant from the 1950’s,1960’s and 1970’s was Velvet Freeze Ice Cream.
This project is in a PIEA District and will be supported by tax abatement. It is zoned UR to allow the intended use. The perfunctory alley vacation from the single structure has been approved. The project is in the Downtown Area Plan which encourages mixed uses and higher density development. The project was approved at Planning Commission in October, 2021.
The site is in the middle of Martini Corner, a popular restaurant and bar destination. It is only a few blocks from Hallmark Cards Headquarters and Halls Crown Center Mall. A number of apartments have recently gone up in the immediate area and have been leasing very rapidly. It is only one mile to the Crossroads and 2 miles to the CBD and the Power & Light Entertainment District. The site is within an Opportunity Zone and is in an investment fund for OZ projects managed by the co-investor.
Upon completion, the project will offer a total of 158 multifamily living units in a 5-story building (4 stories of wood frame over a 1.5-story garage/restaurant/clubhouse), consisting of studios, 1BR and 2BR units. The U-shaped new construction building will feature a 3900- 4900 square foot restaurant/bar/event space fronting Gillham. The new building will have a plaza facing west to capture the sun and the views in that direction. A pool, outdoor kitchen and glass-enclosed fitness room will be on the deck.
The units will have high-end appliances, 9-foot ceilings or higher, in-unit washer/dryers, ceiling fans, and central heat/air conditioning. The renovation will extend the economic viability of the building and will complement the surrounding neighborhood.
These project rents are affordable to populations in the area, while providing class A amenities. The latest reports have the overall vacancy in downtown and midtown at roughly 5% with rent growth at a remarkable 3.3%, cited by the Yardi Analytics YE Report, ranking it 2nd in the U.S. for highest rent growth rate for the Lifestyle Renter. Rent Cafe, as of 12-31-23, identifies KC, MO as the 2nd best market for rent growth, too.
Project costs will total approximately $43,000,000, to be made possible by owner equity, city/county tax abatement and a construction/permanent loan. The project developer is Garrison L. Hassenflu. Mr. Hassenflu is the sole Member of Garrison Community Development, LLC, the development entity. The co-investor is Larson Management Saint Louis Mo. He is also President of Garrison Community Management, LLC the property’s property manager. These companies along with other affiliated companies make up the umbrella entity, Garrison Companies (www.garrisoncompanies.com). He has over twenty-five years of experience in development, having developed over $150,000,000 in affordable and mixed income living units totaling over 1400 units. Currently, he has a portfolio of 400 units. His work has received national acclaim from the National Housing and Rehab Association.
The project will be designed by Clockwork Architects, KC, MO, and constructed by Ronco Construction, Omaha, NE.
The community is slated for a January 2025 start and August 2026 completion.
